It's getting kind of crazy. I was charged $8k on a 112k DSCR refi.
If the broker charges 2 points. That would be $2240. They may charge a processing fee of $450 (that's low, but...). The lender will charge anywhere from $999 and a point to $1995 at par for underwriting depending on the lender. Which lender usually depends on your particular circumstance. Using the more expensive option, you're at $4809 in lender/broker charges. If your taxes are $2500 per year and insurance is $1500, that's another $4000 for escrows before the title company and prepaids, so I can see $8,000 on a $112,000 loan.
On a conventional loan, you may not pay points because they're built into the lender paid comp, but your underwriting fee will be around $1250. Add that to the $4000 in taxes and insurance and then title charges and you may be close to $8000.
Closing costs aren't that much more now than they were 3 years ago; in some cases, they're less.
It's getting kind of crazy. I was charged $8k on a 112k DSCR refi.
If the broker charges 2 points. That would be $2240. They may charge a processing fee of $450 (that's low, but...). The lender will charge anywhere from $999 and a point to $1995 at par for underwriting depending on the lender. Which lender usually depends on your particular circumstance. Using the more expensive option, you're at $4809 in lender/broker charges. If your taxes are $2500 per year and insurance is $1500, that's another $4000 for escrows before the title company and prepaids, so I can see $8,000 on a $112,000 loan.
On a conventional loan, you may not pay points because they're built into the lender paid comp, but your underwriting fee will be around $1250. Add that to the $4000 in taxes and insurance and then title charges and you may be close to $8000.
Closing costs aren't that much more now than they were 3 years ago; in some cases, they're less.
It's getting kind of crazy. I was charged $8k on a 112k DSCR refi.
If the broker charges 2 points. That would be $2240. They may charge a processing fee of $450 (that's low, but...). The lender will charge anywhere from $999 and a point to $1995 at par for underwriting depending on the lender. Which lender usually depends on your particular circumstance. Using the more expensive option, you're at $4809 in lender/broker charges. If your taxes are $2500 per year and insurance is $1500, that's another $4000 for escrows before the title company and prepaids, so I can see $8,000 on a $112,000 loan.
On a conventional loan, you may not pay points because they're built into the lender paid comp, but your underwriting fee will be around $1250. Add that to the $4000 in taxes and insurance and then title charges and you may be close to $8000.
Closing costs aren't that much more now than they were 3 years ago; in some cases, they're less.
This is a good explanation; I was just posing the leading quesitons. Cash-to-close and closing costs are not the same. Lender closing items are not the same as title closing items.
You can shop lenders, and you can shop title companies (unless it's stipulated in the purchase contract that seller picks title company).